The adjusted trial balance for Lloyd Construction as of December 31, 2020, follows: An analysis of other
Question:
The adjusted trial balance for Lloyd Construction as of December 31, 2020, follows:
An analysis of other information reveals that Lloyd Construction is required to make a $41,500 payment on the long-term notes payable during 2021. The notes receivable are due May 1, 2022. Also, Amar Lloyd invested $68,000 cash early in 2020.
Required
Prepare the closing entries made at the end of the year.
No. Account Debit Credit $ 15,300 101 Cash Current investments. 104 20,300 126 Supplies. 6,900 149 Notes receivable. 38,500 Equipment. Accumulated depreciation, equipment. 167 71,000 $ 34,500 168 173 Building. 253,000 Accumulated depreciation, building. 174 137,500 Land. 183 82,500 193 Franchise. 27,500 Accounts payable. 201 16,300 Interest payable. 203 120 233 Unearned professional revenue. 26,300 251 Long-term notes payable. 125,000 Amar Lloyd, capital. 85,640 301 302 Amar Lloyd, withdrawals. 2,300 Professional revenue. 199,480 401 406 Rent revenue.. Depreciation expense, building. Depreciation expense, equipment. Wages expense.. 22,500 606 19,300 7,300 612 63,300 623 540 633 Interest expense 17,300 637 Insurance expense Supplies expense Telephone expense. 652 12,100 688 3,700 Utilities expense. 690 6,500 $647,340 $647,340 Totals
Step by Step Answer:
2020 Closing entries Dec 31 Professional Revenue 199480 Rent Revenue 22500 Income Summary 22...View the full answer
Fundamental Accounting Principles Volume I
ISBN: 978-1260305821
16th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
Related Video
A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
Students also viewed these Business questions
-
The adjusted trial balance for Lloyd Construction as of December 31, 2014, follows: An analysis of other information reveals that Lloyd Construction is required to make a $45,000 payment on the...
-
The adjusted trial balance for Great Gadget, Inc., as of April 30, 2012, is presented next: Requirements 1. Prepare the multi-step income statement for April for Great Gadget, Inc. 2. Calculate the...
-
The adjusted trial balance for Okabe Company is presented in exercise. In Exercise, Okabe Company ended its fiscal year on July 31, 2017. The companys adjusted trial balance as of the end of its...
-
10. A light cord is wrapped around a wheel, R = 0.10 m and rotational inertia I about its axis and is attached to mass, m = 2 kg, see about its fixed axis and the object accelerates downward, (take g...
-
The UNIX program COPS scans a given system for possible security holes and alerts the user to possible problems. What are two potential hazards of using such a system for security? How can these...
-
The study described in Exercise R5.21 also looked at scores in mathematics and language. Here are software outputs for the appropriate tests. Data From Exercise R5.21 Several programs attempt to...
-
Keystone, Inc., replaced its truck-and-dolley system of moving invenome around its plant with a computer-controlled conveyor system. The costs associated with this equipment replacement were as...
-
Wallis Car Wash, Inc., expected to wash 2,000 cars during the month of August. Washing each car was expected to require 0.2 hours of labor. The company actually used 420 hours of labor to wash 1,880...
-
9.What is the maturity value of a 3 month, $2,500 note sign on July 1 with an interest rate of 8% A. $ 2060 B. $ 2600 C. $ 2550 D. $ 2500
-
1. What were Jeans work attitudes before meeting Dan in the hall? What would you predict about Jeans motivation and performance over the next year if Jean had not learned of Dans performance...
-
Pure Plant Beauty is a sole proprietorship that has a developed a new line of skin care and makeup that uses natural and organic ingredients. The company showed the following adjusted account...
-
The adjusted trial balance at April 30, 2020, for Zhang Co. follows. Required 1. Prepare the four closing entries. 2. Prepare a post-closing trial balance. Debit Credit $ 3,400 101 Cash. Accounts...
-
Nashville Co. presently incurs costs of about 12 million Australian dollars (A$) per year due to research and development expenses in Australia. The parent company sells the products that are...
-
Before issuing a report on the compilation of financial statements of a nonpublic entity, the accountant should a. Apply analytical procedures to selected financial data to discover any material...
-
Under which of the following circumstances would a disclaimer of opinion not be appropriate? a. The auditor is engaged after fiscal year-end and is unable to observe physical inventories or apply...
-
In what reporting situations covered in this chapter can an auditor provide each of the following levels of assurance? a. An opinion b. Negative/limited assurance
-
Discuss the different methods of improving decision making in organizations. Which of these methods do you expect to find widely used in organizations? Discuss differences in how easy it is to use...
-
You are in charge of the audit of the financial statements of Parat, Inc., and consolidated subsidiaries covering the two years ended December 31, 2003. Another public accounting firm is auditing...
-
How do the RNA molecules of these two viruses differ in number and function? In your response, consider the role of both in the formation of mRNA.
-
Why can wastewater treatment requirements in Hawaii be less stringent than those in most locations on the U.S. mainland?
-
State whether each of the following is true or false. For those that are false, explain why. (a) A proposed new financial accounting standard would not allow cash equivalents to be reported in...
-
The key to successful business operations is effective inventory management. Do you agree? Explain.
-
Which assumed inventory cost flow method: (a) Usually parallels the actual physical flow of merchandise? (b) Divides cost of goods available for sale by total units available for sale to determine a...
-
General Motors stock has a required return of 17.0% and a beta of 1.4. The risk free rate is 2.5%. What is the market premium? What is the General Motors premium? What is the average return of the...
-
This year, Darrel's distributive share from Alcove Partnership includes $ 1 8 , 0 0 0 of intere Assume that Darrel does not materially participate in the partnership. How much of his distributive...
-
What is the difference between capital assets and depreciable assets? Question 11 options: Depreciable assets need to be depreciated due to their long life, but capital assets do not need to be...
Study smarter with the SolutionInn App